Part 1:

“Sound Money”
Aristotle’s “Sound Money”
Around 350 BCE, Aristotle defined Sound Money as:

● (1) Durable
● (2) Transferrable
● (3) Divisible
● Must provide Intrinsic Value, i.e. “value independent and contained in the
money itself.”
○ (4) Scarce
○ (5) Recognizable
○ (6) Fungible
Properties of “Sound Money”
Durable Scarce
physically stable, does not rot or limited quantity available for
rust, or melt use

Transferrable Recognizable
easy to transfer ownership from easy to recognize and verify
one person to another authenticity

Divisible Fungible
can be subdivided into smaller one unit of money can be
units of money substituted for another
 Part 2:
Money through the ages
Early forms of currency
The earliest known currencies were receipts for grain storage found in
Mesopotamia.

In the bronze age, ingots were used for trade, but currency didn’t really take off
until coinage was introduced in the Iron age
Marco Polo
Marco notoriously came back from the Far East with detailed description of exotic
currencies such as banknotes, salt and cowry shells.
Tobacco as Currency?
Many more “limited” economies found no use for rare metals, and instead relied
on goods as currency.

The “pound-of-tobacco” was an official currency unit in Virginia during the colonial
era.

Rice could be used in South Carolina.

Pelts were used as currency by the Hudson Bay Company.

Western Union and The Dematerialization Of Money
The telegraph company opened in 1851. By 1861, it had linked both coasts. By
1871, it allowed money transfer over its lines, taking the first step in the
fundamental virtualization of money.
Virtual Scarcity: Nonces & Hashes
All currencies rely on scarcity. If there is an unlimited amount of money, none of it is valuable. Sometime the scarcity is
enforced by a natural authority (i.e. limited amounts of copper or gold on Earth). Sometimes, it is enforced by humans (i.e.
Central Banks). Bitcoin solves this problem with a novel approach, based on mathematics.

A hash function generates a “signature” for the data. If the data changes, the hash changes. Hash functions are not
reversible.

Bitcoin takes advantage of it by requiring miners to compute hashes for ledger blocks that fall below a certain number
(difficulty target). Miners do this by trying various “nonces” until they find one that generates a satisfying signature. The
difficulty target is adjusted to keep bitcoin from being mined too quickly, creating a satisfying level of artificial scarcity.

hash(“Satan, prince of this world” + “some nonce”) = 99e9ba071ac7040f04ea8d8f303b1a3c349a6e0b

hash(“Satan, prince of this world” + “other nonce”) = 278ceb29e11cb9e9c8d37af74730fb6faa185757

hash(“Satan, prince of this world” + ????????) < 00000000000000000000000001231231 # Very difficult

Part 3:
Bitcoin
Who is Satoshi Nakamoto?
The name or pseudonym “Satoshi Nakamoto” is listed as the author of the Bitcoin
whitepaper (2008). This person/persons also created a message board called
bitcointalk in 2009, leaving several messages.

Several real people have been linked to Satoshi, inconclusively.

In 2017, Elon Musk denied being Satoshi.

The Blockchain
Transactions are recorded in blocks. Each block contains the signature of the
previous block, linking them together in a chain. As transactions get administered
in a distributed, totally decentralized way, we see the rise of a new way to store
and exchange information, not unlike that of a new internet.
Magic Number Magic Number Magic Number Magic Num
Blocksize Blocksize Blocksize Blocksize

Version Version Version Version

Hash of Previous Block Hash of Previous Block Hash of Previous Block Hash of Pre
Hash of Merkle Root Hash of Merkle Root Hash of Merkle Root Hash of Me
Time Time Time Time
Target Target Target Target
Nonce Nonce Nonce Nonce

Transaction Counter Transaction Counter Transaction Counter Transaction

Transactions… Transactions… Transactions… Transaction

Mining
Miners compete by trying to find nonces that generate a signature that falls below
the current difficulty target. This is computationally expensive, but financially
lucrative as miners get rewarded in Bitcoin. This has led to the rise of mining
operations where electricity is cheap (to power & cool server farms), as well as
specialized mining equipment.
 Part 4:
The Implications of Cryptocurrency
Implications for the Banked
As public distrust of our financial institutions (finally) increases, so does the demand for a more open
credit system.

● Banks exploit us by charging deposit and withdrawal fees, foreign transaction fees, lost card fees,
membership and service fees, overdraft fees, ATM fees, account closing fees, and many more.
These thieves of economic justice steal as much money as they store.

● Cryptocurrency have no middlemen to charge transaction tolls.

● Say you need to get cash across the northern border fast: Would you trust your local teller to deliver
it in a few “business days” working banker’s hours? Or would you trust the most secure and
sophisticated digital distribution highway ever created?

● There has never been a cheaper and faster channel to send and receive funds.
Implications for the Unbanked
Two billion people don’t have bank accounts. Cryptocurrencies could change their lives.

● Large amounts of the unbanked live in developing nations where their capital is
unprotected. These people typically live in oppressive regimes that manipulate local
currencies through taxation and inflation.

● Crypto is the only truly global currency, free from any one entity’s influence.

● Without complex banking bureaucracies, cryptocurrencies give the unbanked a

chance to securely save and transfer money, access credit and even make
international transfers.

● In other words: have you read any headline from Venezuela lately?
Implications on Ecommerce
Today’s online payment infrastructure allows mega-corporations to collect data on our
purchases. No more.

● All transactions on the blockchain are SNARK-y, and therefore pseudonymous.

● Decentralized apps will be unable to monitor user activity, other than basic
non-identifying metrics to keep their systems stable.

● Users will be able to verify the validity of a transaction on their own, without being
serfs of Hooli or their banks.
Implications for Anarchists
Gone are the days of “relying” on “trusted” intermediaries and here is the utopian future of
the ability to transact entirely on immutable public ledgers.

● No one authority governs blockchains. They’re run by the netizens.

● Netizens should be able to pay for any good they want. In any way they want.
Without any government looking in. Some call that money laundering, others call it
smart shopping.
● Next up for disruption: the constitutions of world governments. Anarchy may finally
take its proper throne as the political system of choice.
 Part 5:
Why We Need PiedPiperCoin
Why does Pied Piper need PiedPiperCoin?
To Catalyze PiperNet User Adoption

● Even though our decentralized internet will be technically and ideologically

superior to the feudalistic collection of hypertext protocols we call today’s Web,
we’re not going to succeed if we don’t incentivize users to try us out.

● PiedPiperCoin (PPC) will be our incentivization mechanism. Users will earn it

just for signing up, contributing their device resources, or using our developers’
apps.

● Then, they can sell PPC for fiat money, lambos, or spend it on services offered
by our developers.
Why will users hodl PiedPiperCoin?
PPC’s price will rise as users get hooked on the technical and financial
benefits of PiperNet.
Common traits of Web users: Benefits of Pied Piper Internet:

Impatient: users often show symptoms typically Faster: by distributing data, all our internet’s
associated with severe ADHD content will be more accessible

Stingy: the proliferation of piracy has decreased Cheaper: user spends accumulated PPC rather
users’ willingness to pay for anything than USD, cutting down costs

Afraid: Frequent use of features like “Incognito More private / secure: Because users will own
mode” and “Clear browsing history” indicate most their data, only they will know the sites they visit
users have things to hide late into the night

All ships rise: As more developers join, there will be more ways to spend PPC,
increasing its velocity and valuation.
So, when does PiedPiperCoin succeed? (in other words, when moon?)

There is a 98.745% chance of making a 100x profit

● It’s only a matter of time before a whale comes. PiedPiperCoin’s market cap will then rise
exponentially with all our new users. We’ll go from being a fringe altcoin to a major player in
crypto.

● But true investors know it’s not just about our coin or just about buying lambos,
it’s about a decentralized economy.

● The Pied Piper economy pays its creators and contributors fairly and won’t let their data be
siphoned by the Hoolis of the world.

● Personal politics not aside, Richard -- this is the economy conceived in an anarchist’s dream.
It’s fair, ubiquitous, and thus, unstoppable.